ERBIL, Kurdistan Region of Iraq – The Iranian authority overseeing the Strait of Hormuz announced Friday that no transit fees will be charged for shipments through the waterway for the next 60 days following the US-Iran peace deal, while requiring vessels to submit notice 48 hours in advance.

US President Donald Trump and Iranian President Masoud Pezeshkian remotely signed an agreement early Thursday aimed at ending the conflict between their countries and reopening the Strait of Hormuz, and agreed to negotiate a final settlement within 60 days.

Following the developments, Washington on Thursday lifted the naval blockade on Iran.

“All applicants intending to passage through the Strait of Hormuz are hereby informed that during the period specified in the MOU, vessels that submit their passing requests to the PGSA [Persian Gulf Strait Authority] in compliance with the following points will be cleared for passage promptly,” read a statement from the Iranian body on Friday.

“To avoid delays at the entrance or exit of the Strait of Hormuz, it is essential that passing requests, complete with all required information, are submitted at least 48 hours prior to arriving at the strait area,” the PGSA added.

The authority also noted that safety and insurance fees “will not be collected from shipowners” over the next 60 days, adding that Tehran will cover those costs.

Earlier in June, Tehran said it intends to charge fees for protection and maritime services on ships transiting the Strait of Hormuz, while Washington continuously demanded toll-free transit through the strategic waterway.

Since the start of the US-Iran negotiations in early April, the Strait of Hormuz has been a key point of contention between the two sides, with tensions escalating amid exchanges of fire and both Tehran and Washington accusing one another of imposing blockades on the waterway.

“Due to the presence of mine-affected areas and the necessity of ensuring safe passage and preventing collisions, coordination of the designated route and scheduled passage time for each vessel prior to moving toward the strait is mandatory,” the PGSA added

“Failure to comply shall be the responsibility of the vessel owner.”

Iran established the PGSA in May to control passage through the strait, which included imposing a tolling mechanism, requiring vessels to pay transit fees in Iranian currency at roughly $1 per barrel of oil in their cargo.